Page 48 - CityofHaltomFY24Budget

City Of Haltom City Annual Budget, Fy2024 Budget Overview City Of Haltom City Annual Budget, Fy2024 Budget Overview

PROPERTY VALUES, TAX RATES REVENUES MAJOR REVENUES

Fiscal Assessed Percent Average M&O Rate I&S Rate Tax Rate Average PROPERTY TAX
Year Valuation Change Taxable Value Per $100 Per $100 Per $100 Tax
2014 $1,602,758,757 1% $64,622 0.479990 0.220000 0.699990 $452 The City’s property tax is levied based on appraised value of property as determined by the Tarrant
2015 $1,676,480,896 5% $67,052 0.479990 0.220000 0.699990 $469 County Appraisal District. The Tarrant County Tax Office bills and collects the property tax for the
2016 $1,682,741,323 0% $67,310 0.462316 0.237674 0.699990 $471 City.
2017 $1,842,343,558 9% $77,187 0.462316 0.237674 0.699990 $540 The tax rate is $0.567283 per $100 assessed valuation, which consists of $0.371831 for
2018 $1,965,607,988 7% $86,551 0.455180 0.213000 0.668180 $578 maintenance and operations cost (recorded in the General Fund) and $0.195452 for principal and
2019 $2,145,251,779 16% $96,055 0.423000 0.230000 0.653000 $627 interest payments on bond indebtedness (recorded in the Debt Service Fund).
2020 $2,434,006,207 24% $109,685 0.413730 0.252030 0.665760 $730
2021 $2,570,400,175 6% $116,748 0.403752 0.262008 0.665760 $777 Outlook
2022 $2,767,760,865 7.7% $130,404 0.395769 0.249882 0.645651 $842 Property tax revenues for FY2024 have increased by 8% due to higher in property values and new
2023 $3,143,425,219 13.6% $152,153 0.376427 0.231735 0.608162 $925 growth. Property value is based on the tax roll certified by the Tarrant County Appraisal District. For
2024 $3,663,528,267 16.5% $178,181 0.371831 0.195452 0.567283 $1,011 future years, the growth should continue as more of the developments are completed and newer
properties are included on the tax rolls.

Property Value and Tax Rate Major Influence

4.0 $0.80 Factors affecting property tax revenues include population, development, property value, tax rate,
and tax assessor appraisal and collection rate.
3.5 $0.75
3.0 $0.70 Percent of
Fiscal Year General Fund Debt Service Fund Total
2.5 $0.65 Changes
Billion 2.0 $0.60 FY14 7,702,997 3,526,990 11,229,987 5.9%

1.5 $0.55 FY15 7,941,285 3,636,079 11,577,364 3.1%
FY16 7,876,104 4,022,127 11,898,231 2.9%
1.0 $0.50
FY17 8,515,314 4,352,034 12,867,348 8.4%
0.5 $0.45
FY18 9,326,617 4,331,228 13,657,845 6.6%
0.0 $0.40 FY19 9,451,150 5,138,500 14,589,650 7.2%
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
FY20 10,074,387 5,981,136 16,055,523 10.7%
Assessed Value Tax Rate per $100 FY21 10,263,788 6,271,130 16,534,918 3.3%
FY22 10,924,286 6,952,732 17,877,018 8.4%
FY23 11,805,499 7,214,306 19,019,805 6.9%
FY24 13,290,015 7,151,428 20,441,443 8.0%
Property Tax Rates
0.80 PROPERTY TAX REVENUES
0.70 $20.00
0.60 0.22000 0.23767 0.23767 0.21300 0.23000 0.23000 0.25203 0.26201 0.24988 $18.00 $7.15
0.50 0.23174 0.19545 $16.00 $6.95 $7.21
$14.00
0.40 $12.00 $4.33 $5.14 $5.98 $6.27

0.30 MILLIONS $10.00 $3.53 $3.64 $4.02 $4.35
0.20 $8.00 $11.81 $13.29
$6.00
0.10 0.47999 0.46232 0.46232 0.45518 0.42300 0.42300 0.41373 0.40375 0.39577 0.37643 0.37183 $4.00 $7.70 $7.94 $7.88 $8.52 $9.33 $9.45 $10.07 $10.26 $10.92
0.00 $2.00
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0.00
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Maintenance and Operations Interest & Sinking
General Fund Debt Service Fund